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Harrah's wins OK to take over Planet Hollywood Casino
Thursday, February 18, 2010 at 8:29:04 PM
Harrah's Entertainment Inc., the world's biggest casino operator, won approval from Nevada regulators to take over the Planet Hollywood Resort & Casino on the Las Vegas Strip after the owner defaulted.
The Nevada Gaming Commission agreed today to let Harrah's buy the resort by converting $306 million of Planet Hollywood debt into equity and investing an additional $30 million. Harrah's also takes on the Las Vegas Strip property's remaining $554 million mortgage, an e-mailed presentation shows.
The deal gives Harrah's a neighboring property for much less than it would cost to build, CEO Gary Loveman said in a December interview. He plans to keep the Planet Hollywood brand to appeal to younger visitors. Harrah's, based in Las Vegas, began buying the debt at a discount to face value in September after Planet Hollywood defaulted on an $860 million mortgage.
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